TL; Fault DR
- Bitcoin price analysis is declining for today.
- BTC / USD retreated from the $ 50,000 mark yesterday.
- BTC is set to retest the $ 48,000 support.
Bitcoin price analysis shows that there is an uptrend in the next 24 hours because the cows are tired after reaching the $ 50,000 mark. Therefore, we expect BTC / USD to be reconsidered today and test the next $ 48,000 support.
The cryptocurrency market has fallen in price over the past 24 hours. Bitcoin fell 3.33% and Atrium 2.66%. Meanwhile, Dogecoin (DOGE) is among the worst performers with a loss of more than 7%.
Bitcoin price movement in the last 24 hours: Bitcoin shows weakness after reaching the limit of $ 50,000
BTC / USD traded in the range of $ 48,531.83 – $ 50,325.27, which shows a slight fluctuation in the last 24 hours. Meanwhile, total trading volume increased by 10.78% to a total of $ 35 billion. The total market value is about 912.2 billion dollars, which leads to 43.2% market dominance.
4-Hour BTC / USD Chart: BTC is set to retest $ 48,000 support
In the 4-hour chart, we can see the price of Bitcoin after failing to reach heights above the $ 50,000 mark.
The price of bitcoin has risen sharply over the past month. After making a major fluctuation around $ 2950, BTC / USD saw a strong uptrend and has since risen more than 70%.
After accumulating almost a week below $ 48,000, BTC last week supported $ 44,000. From there, the 15 percent quick jump reached the current high of $ 50,500, where resistance was found again.
This bitcoin price expansion in the last 24 hours has led to a correction as the bears are looking to re-support the previous $ 48,000 as re-support. This support is likely to be broken as the bears place another significant swing at their lowest level.
However, if the $ 48,000 mark is maintained, we could see another 10-15% increase in the coming days.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish for today as the market continues to retreat from the $ 50,000 resistance after failing to move higher. Therefore, we expect BTC / USD to return more in the coming days and try to reach another low level from which it is trying to climb further.
As you wait for more bitcoin to move, read our articles on the future of bitcoin, decentralized exchanges, and the NFT market.
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